Strategy shares endure first six-month losing streak since implementing bitcoin-focused approach in 2020

Strategy (MSTR) shares have fallen for six consecutive months — the longest losing streak since the company adopted bitcoin as a treasury asset in August 2020, according to crypto analyst Chris Millas.

Millas highlighted the streak in a Jan. 1 post on X, sharing a chart of monthly returns since 2020. From July through December 2025, the stock declined each month, including 16.78% in August, 16.36% in October, 34.26% in November, and 14.24% in December.

While past single-month losses were often followed by rebounds — for instance, during 2022 when steep drops were offset by rallies of more than 40% — the absence of a bounce in late 2025 points to a more persistent repricing rather than a temporary sell-off.

Shares closed Dec. 31 at $151.95, down 2.35% on the day, marking declines of 11.36% over the past month, 59.30% over six months, and 49.35% over the past year.

Bitcoin has fared better over the same period. As of Jan. 1, BTC traded at $87,879, down 5.06% over the past month, 27.36% over three months, and 9.65% over the year.

The underperformance comes even as Strategy continued buying bitcoin. On Dec. 29, executive chairman Michael Saylor announced the purchase of 1,229 BTC for roughly $108.8 million, bringing total holdings to 672,497 BTC valued at $50.44 billion.

The stock also lagged the broader market, with the Nasdaq 100 up 20.17% in 2025, highlighting Strategy’s underperformance relative to both equities and bitcoin.